Developer Zom Living and private equity firm Ascentris plan to redevelop an old office building in Doral, Fla., into a multifamily property after landing a $92.3 million construction loan from PNC Bank. 

In tandem with the financing, the joint venture paid $26.5 million for Westside Plaza II, a three-story building at 8300 Northwest 33rd Street, just west of Miami International Airport and south of the mixed-use CityPlace Doral complex. The 109,559-square-foot building was completed in 1998 on a 6.5-acre site. 

The joint venture plans to replace the office structure with a seven-story multifamily building with 380 apartments and 789 parking spots. In accordance with the Live Local Act, a Florida law first passed in 2023 meant to boost the construction of workforce housing, 40 percent of apartments will be priced within the budgets of people earning 120 percent of the area’s median income, according to a representative for the joint venture.

Construction is expected to be completed in late 2027. 

Westside Plaza II is part of the Westside Plaza office complex, which includes two other buildings. Ascentris, in partnership with Highline Real Estate Capital and Square2 Capital, purchased the entire asset for $73 million in 2021, as its occupancy rate was set to drop to 51 percent, the South Florida Business Journal reported.

Office-to-residential conversations remain rare in South Florida. But since the pandemic, a few have taken off, including Keystone Property Group’s project in Dadeland. And last year, Arbor Realty provided a $62 million construction loan to turn three office buildings into apartments with 212 units. 

Julia Echikson can be reached at jechikson@commercialobserver.com.